Hindsight Markets Small-cap stocks on September 23, 2026
IMCC on September 23, 2026: why it ran
On September 23, 2026, IMCC opened down 23.7% from the previous close of 4.14 and reached 10.71 at 7:40 a.m. ET. The exchange did not halt it.
- Previous close
- 4.14
- Open, 9:30 a.m.
- 3.16
- Gap at the open
- down 23.7%
- Pre-market high
- 10.71 at 7:40 a.m.
- High, 4 a.m. to 4 p.m.
- 10.71 at 7:40 a.m.
- Low, 4 a.m. to 4 p.m.
- 2.15
- After-hours high, 4 p.m. to 8 p.m.
- 3.77 at 4:05 p.m.
- Last trade before 4:00 p.m.
- 2.91
- Volume
- 16.17 million
- Relative volume
- 5.4x
- Float
- 554,524 shares, from filings as of September 23, 2026
- Shares outstanding
- 603,922
- Halts
- none in the halt feed
Replay IMCC's day
It starts at 7:21 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 7:24 a.m. and asks what you would do. Or press Play on any moment in How it traded.
The day, step by step
- Small cap
- Momentum
- Catalyst: news
- Float traded many times
- Offering headline
- Pre-market top
- Ask wall break
- Faded to the close
The day before
On September 22, IMCC ran from $2.95 to $6.43. It gave most of it back and closed at $4.14.
Pre-market: quiet until 7:30
The first trade on the 23rd was $4.14, the same as the previous close. For the next three and a half hours it drifted between about $3.79 and $4.32 on thin volume. Most minutes traded a few hundred shares. The float is only 554,524 shares.
At 7:30 a.m. PRNewsWire ran: "IM Cannabis Enters Non-Binding Agreement to Acquire 51% of Space Defense Innovations, Operating in the European Tactical UAS Market." The 7:30 minute opened at $3.99 and reached $5.28. It closed at $5.20 on 130,869 shares. That one minute traded about a quarter of the float.
The 7:31 minute went from $5.23 to $6.74, and 522,074 shares traded in it. That alone was nearly the whole float. By 7:32 it hit $7.99, and at 7:33 the high was $8.10.
The top at $10.71
After a dip to $6.78 at 7:34, it climbed again. It hit $9.43 at 7:36 and $10.52 at 7:39. The high so far, $10.71, came at 7:40 a.m., before the bell.
At 7:41 a.m. the company filed a 6-K, a foreign company's current report. That minute ran from $10.08 down to $8.90. At 7:43:45 one sell order swept 26,973 shares from $9.28 to $8.96 across 32 price levels.
It pushed once more. At 7:45 it reached $9.54, a lower high under the $10.71 top. Then it slid: $7.62 by 7:56, $6.76 at 8:00 and $6.39 at 8:04. It bounced back to $8.33 at 8:24 and sat near $7.50 to $8.00 into the mid-8:30s.
8:37: the offering and the drop
At 8:37 PRNewsWire ran: "IM Cannabis Announces Pricing of US$1.31 Million Registered Direct Offering of Common Shares." The 8:37 minute opened at $7.90 and closed at $5.99 on 508,135 shares.
The fall kept going. At 8:38 it went down to $3.70. At 8:39 it hit $2.15, the low so far, on 670,316 shares. Level 2 shows sell orders sweeping the book that minute. At 8:39:24 one sold 36,051 shares from $3.44 to $2.97 across 32 levels.
A bid wall also showed up at $2.00 at 8:39:54. It peaked at 34,107 shares at 8:42:38, about 6% of the float. The stock had not traded that low. By 8:40 it was back at $3.00, and it closed that minute at exactly $3.00.
The wall at $3.59
At 8:41:43 a big ask wall appeared at exactly $3.59. It peaked at 29,022 shares at 8:41:58, about 5% of the float.
Stop It's 8:43. IMCC is at $3.47, after falling from $7.90 at 8:37 to $2.15 at 8:39. About 29,000 shares are offered at $3.59, just above. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 8:43 a.m. ET for your call, then show what happened. The clip starts at 8:40 a.m. ET.
Here's what happened. At 8:43:46 shares began trading at $3.59. In 1.9 seconds, 28,891 shares traded at exactly $3.59 and the wall was gone. It wasn't pulled. Buyers ate it.
The 8:43 minute closed at $3.71. The 8:44 minute reached $3.87, and 24,419 shares were sold through the book at 8:44:24. After that it drifted back down toward $3.20 by 9:00 and about $3.05 by 9:15.
The open and the rest of the day
The open was $3.16, 24% below the previous close. A 13,565-share print at $3.19 went through at 9:30:00. An ask wall appeared at $4.00 at 9:30:32, 48,887 shares, about 9% of the float. The regular session never reached it. The 9:30 minute reached $3.43.
It slid. At 9:39 it fell to $2.99, and at 9:44 it hit $2.61, the low after the open. Sellers swept 18,581 shares at 9:43:05. Then it recovered a little. At 10:06:30 a buyer took 40,073 shares from $2.88 to $3.00 across 11 levels.
From there it was quiet, between about $2.63 and $3.16. It closed at $2.91, 73% under the $10.71 high. Regular-session volume was 1,596,050 shares, much less than the 13.56 million traded pre-market.
After hours
At 4:01 p.m. PRNewsWire ran: "IM Cannabis Regains Compliance with Nasdaq Minimum Bid Price Requirement." The 4:02 minute reached $3.76 on 150,219 shares. The after-hours high was $3.77 at 4:05. By 4:07 it was down to $2.92 at the low of that minute.
At 4:15 p.m. the company filed another 6-K. After hours it ranged between $2.89 and $3.77.
Over the whole day, 16.17 million shares traded: the float changed hands about 29 times.
What to take from it
- A pre-market spike can reverse fast. The stock fell from $7.90 to $2.15 between 8:37 and 8:39, right after the offering headline.
- After the top, the next push stopped lower. $10.71 at 7:40, then $9.54 at 7:45.
- Chasing near a spike high or just after a wall breaks costs more than the screen says. The book is thin in those seconds.
Why it ran
News and SEC filings for IMCC published between the previous session's close and the first minute IMCC traded 20% above it, at 7:30 a.m. ET, newest first, from the same feeds the replay shows.
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IM Cannabis Enters Non-Binding Agreement to Acquire 51% of Space Defense Innovations, Operating in the European Tactical UAS Market
News via Stock News API
How it traded
| Time (ET) | What happened | Watch it |
|---|---|---|
| 7:30 a.m. | News (PRNewsWire): IM Cannabis Enters Non-Binding Agreement to Acquire 51% of Space Defense Innovations, Operating in the European Tactical UAS Market | |
| 7:30 a.m. | First trade 20% above the previous close of 4.14 | |
| 7:31 a.m. | Volume since 4:00 a.m. passes the whole float, 554,524 shares | |
| 7:40 a.m. | Pre-market high, 10.71 | |
| 7:40 a.m. | High of the day to the close, 10.71 | |
| 9:30 a.m. | The open: 3.16, down 23.7% from the previous close | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 2.91, 72.8% below the high |
The shape is a fixed rule, not a judgement: gapped 10% or more at the open, ran 10% or more from the open to the high, and faded if it gave back 30% or more of that move by the close.
The day in numbers
- From news to the move: the first trade 20% above the previous close came less than a minute after the latest news item before it (PRNewsWire, 7:30 a.m.).
- Volume, from the one-minute bars: 13.56 million shares before the 9:30 a.m. open (84%), 609,652 in the first 30 minutes (4%), and 2.00 million in the rest of the day to 8 p.m. (12%).
- Float rotation, the volume since 4 a.m. against the float of 554,524 shares: past it once at 7:31 a.m., twice at 7:32 a.m., three times at 7:34 a.m.
- Other days IMCC met the small-cap rule in our recaps: 3, the latest on September 24, 2026.
Halts
The exchange's halt feed shows no halts for IMCC that day.
On this date the LULD plan ran under Amendment 18, in force from February 24, 2020: no band doubling at the open, and the closing doubling only for Tier 1 stocks and Tier 2 stocks whose previous close was at or below three dollars. See LULD halts or work out a band with the LULD calculator.
Trade this day
Replay IMCC on September 23, 2026 in Hindsight Markets: the real tape, the order book and the halts, on a clock you control, and see where your orders would have filled.